PensionsEurope today published a position paper on the proposal of the European Commission to introduce a EU legislative framework on a Pan-European Personal Pension Product (PEPP).

PensionsEurope believes that a European framework for voluntary personal pensions is particularly needed and useful for those who don’t have access to workplace pensions, such as self-employed and workers in new forms of employment, or where personal pensions offered at the national level are not reliable or attractive. The PEPP could be especially useful for young European citizens who have more and more often a career in multiple Member States.

However, PensionsEurope considers that some amendments are needed to the proposal if the initiative is to be successful. In particular, it will be important to ensure that the proposal will not negatively affect already existing and well-functioning pension systems.